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Steel drops most since March as metals tumble on trade war fears

Steel and iron ore plunged the most since March on escalating fears over a global trade war as China vowed to retaliate after President Donald Trump threatened tariffs on another $200 billion of Chinese goods. Copper extended losses among metals, while gold climbed on haven demand.
Futures for steel reinforcement bar in Shanghai fell as much as 4.3 percent, the biggest drop since March 29, while iron ore in Dalian slumped 6.4 percent, the most since March 23. The decline in iron ore took prices to the lowest level in two months, while steel continued its retreat from a three-month high.
Trump has instructed the U.S. Trade Representative to identify more Chinese products for additional tariffs of 10 percent, and pledged to impose duties on another $200 billion after that if China retaliates. He threatened last week to slap 25 percent levies on $50 billion of goods. China has vowed to retaliate forcefully. Iron and steel for construction uses are included in the U.S. list.
“The worsening trade tensions are exacerbating investor fears,” broker First Futures Ltd. said in a note on Tuesday. “This could inflict downward pressure on high steel prices in the near term, although in the long term, lower supply because of environmental curbs should support the market.”
China’s government has launched a fresh round of environmental checks that may affect the big steel hubs. Officials have been fanning out through 10 provinces for a month-long so-called “look back” campaign aimed at ensuring mills’ compliance with environmental regulations imposed last year.
Copper, known as a barometer of the economy because of its use in autos and homes, sank 1.5 percent in London, while nickel fell 1.3 percent and zinc 0.9 percent. The London Metal Exchange index of six contracts hit the highest since 2013 earlier this month. Gold was up 0.3 percent from the lowest this year.
Rebar futures closed 3.4 percent lower at 3,769 yuan a ton in Shanghai, while iron ore ended with a loss of 5 percent in Dalian.
Hot rolled steel coil declined 3.1 percent in Shanghai Coking coal dropped 5.1 percent in Dalian. — Bloomberg

NGCP says it’s ready for surge in power demand during peak load months

National Grid Corporation of the Philippines (NGCP) has given its assurance that it is prepared for the surge in power demand and the constraints that it would bring even during the summer season when temperatures rise.
In a statement on Tuesday, June 19, the company said it had recorded this year’s peak load demand at 10,876 megawatts (MW) in the Luzon grid, breaching the demand forecast of 10,561 MW set by the Department of Energy’s power development plan.
“We are pleased to report that despite the load for the Luzon grid steadily increasing year on year, NGCP has always been one step ahead of the trend,” stated the company. “Our grid operations and maintenance plan, along with our blackout drill and generator’s conference, are important tools in our preparedness for the peak load months not only for Luzon, but also for Visayas and Mindanao during the year’s end,” the company said. — Victor V. Saulon

PhilWeb buys two new e-Games sites

PhilWeb Corp. has acquired two new gaming sites operated by the Philippine Amusement and Gaming Corp. (PAGCOR) in Cebu City.
In a disclosure to the stock exchange on Tuesday, PhilWeb said its unit BigGame, Inc. purchased the PAGCOR e-Games sites in Consolacion and Lapu-Lapu City, Cebu from Golden Frontier Gaming, Inc. (GFGI).
In exchange for the e-Games sites, PhilWeb gave GFGI 394,322 shares priced at P5.12 each or around P2.02 million, in addition to P2.5 million in cash.
The acquisition brings PhilWeb’s total e-Games sites to 52. — Arra B. Francia

DoubleDragon breaks ground on second Iloilo industrial hub

DoubleDragon Properties Corp. on Tuesday said it has started construction for its second industrial leasing hub in Iloilo.
The listed property developer’s unit, CentralHub Industrial Centers, Inc., broke ground for the 3.9-hectare property in Iloilo yesterday. The site will house modern, standardized, multi-use warehouses for commissaries, cold storage, light manufacturing, and logistics distribution centers.
This will be the second CentralHub complex under DoubleDragon’s portfolio. Its first industrial leasing project is CentralHub-Tarlac, which it looks to turn over to tenants by July.
“We believe that the industrial leasing segment presents significant growth opportunities for DoubleDragon as the current market supply is very traditional and fragmented and with growth now flowing into second and third-tier cities demand for industrial space has risen considerably,” DoubleDragon Chairman Edgar J. Sia II said in a statement. — Arra B. Francia

CLI to build Citadines Bacolod

Cebu Landmasters, Inc. (CLI) is betting big on Bacolod’s growth, disclosing on Tuesday, June 19, its plan to build its fifth hotel in the area in partnership with international serviced residences operator The Ascott Limited.
In a disclosure to the stock exchange, CLI said CLI Bacolod Hotels, Inc.— its joint venture firm with Capitaine, Inc.— signed on Tuesday a service management deal with The Ascott for the development of Citadines Bacolod.
CLI President and Chief Executive Officer Jose R. Soberano III said they are seeing a lot of opportunities in Bacolod, banking on tourism and the information technology-business process management (IT-BPM) industry for its growth.
“There is so much potential to cater not only to the tourism industry but also the M.I.C.E (Meetings, Incentives, Conventions and Exhibits) market in Bacolod,” Mr. Soberano said.
Citadines Bacolod will have 200 serviced residential units, ranging from 25 to 60 square meters (sq.m.) each. The development will rise on a 4,501-sq.m lot along Lacson Street, fronting MesaVirre Garden Residences, CLI’s P1.5-billion residential condominium project. — Arra B. Francia

DoT’s no-bid contracts to go through CoA, Tourism chief says

The Commission on Audit (COA) is set to audit no-bid contracts under the Department of Tourism (DoT, newly appointed Secretary Bernadette Romulo-Puyat said on Tuesday, June 19.
“COA only does post audit… but when I approached Chairman Michael (G.) Aguinaldo, he agreed that all the contracts of the Department of Tourism go through their pre-audit,” Ms. Puyat said during the Makati Business Club annual meeting.
The Tourism secretary also disclosed the commission will be sending an auditing team to review all the contracts that had no bidding and to strengthen the DoT’s internal system.
“I will not move without the COA’s approval and also they will be strengthening our internal control system to make sure that the money is not wasted and make sure that it is effectively used,” she said. — Charmaine A. Tadalan

Crypto celebrity McAfee stops touting ICOs, citing US`SEC threats'

One of the world’s most prominent promoters of initial coin offerings is calling it quits.
John McAfee, the anti-virus software pioneer turned cryptocurrency evangelist, said in a tweet on Tuesday that he will stop recommending ICOs because of unspecified “threats” from the U.S. Securities and Exchange Commission.
“Due to SEC threats, I am no longer working with ICOs nor am I recommending them, and those doing ICOs can all look forward to arrest,” McAfee wrote from his verified Twitter account, which has more than 820,000 followers. “It is unjust but it is reality. I am writing an article on an equivalent alternative to ICOs which the SEC cannot touch. Please have Patience.”
McAfee, whose checkered past includes run-ins with police in Belize and a failed campaign to become the Libertarian Party presidential candidate, has been a regular on the cryptocurrency conference circuit and one of the industry’s most prolific boosters. He’s part of a vast network of social media influencers that have helped blockchain-related ventures raise billions of dollars from ICOs amid the global frenzy for virtual currencies.
The offerings have come under increased scrutiny from regulators in recent months, with the SEC calling them securities that should be registered with the regulator. Some analysts have said paid promoters of ICOs may be breaking the law by acting as unregistered broker-dealers. In March, McAfee tweeted a web link that showed he charged $105,000 per tweet to promote ICOs and other products.
The SEC and McAfee didn’t immediately respond to requests for comment. — Bloomberg

Oil declines as traders assess Trump tariffs and Libya outage

Oil fell to near $65 a barrel as traders assessed escalating tensions between the world’s two biggest economies as well as an upcoming OPEC meeting that could see the group lift production.
Futures in New York fell 1.3 percent, erasing gains from Monday. The prospect of a U.S.-China trade war rattled global financial markets as China vowed to retaliate “forcefully” against President Donald Trump’s threat of tariffs on an additional $200 billion in Chinese imports.
The global Brent benchmark pared earlier losses, widening its premium to West Texas Intermediate crude, as Libya said it lost 400,000 barrels a day in output after a militant attack at the Ras Lanuf oil terminal.
Meanwhile, the Organization of Petroleum Exporting Countries is aiming for a modest production boost in a bid to bridge the gap between Russia’s push for a big gain and Iran’s insistence that no change is needed. The possibility of an increase in output, along with concerns about the effects of the U.S.-China trade dispute, have whipsawed crude prices this month as OPEC heads into its next meeting on Friday.
“The issues around trade are going to be problematic for demand,” Jason Gammel, a London-based analyst at Jefferies LLC, said in a Bloomberg Radio interview. “We could see a slowdown in what has been very strong demand growth.”
Sliding Lower
WTI for July delivery, which expires on Wednesday, earlier fell as much as 1.5 percent to $64.87 a barrel on the New York Mercantile Exchange and traded at $64.99 at 11:17 a.m. in London. The more active August contract was at $64.84 a barrel.
Brent futures for August settlement declined as much as 80 cents before paring those losses to trade at $74.96 a barrel on the London-based ICE Futures Europe exchange. The global benchmark crude traded at a $10.15 premium to WTI for the same month, widening sharply throughout the European morning.
In a White House statement Monday evening, Trump said that he had instructed the U.S. Trade Representative’s office to identify $200 billion in Chinese imports for additional tariffs of 10 percent. China quickly promised to retaliate with “strong” counter measures if America rolls out new duties.
OPEC Compromise
Investors are also awaiting what could be one of the most contentious OPEC meetings in recent history as discussions over whether to increase output heat up. Officials from a number of countries are optimistic that an agreement can be won for a relatively modest hike at this week’s meeting in Vienna, according to people briefed on the talks, who asked not to be named discussing private conversations.
OPEC members are discussing an agreement that delivers 300,000 to 600,000 barrels a day of additional oil supply to global markets over the next few months, according to the people. Iran, which faces renewed U.S. sanctions, on Tuesday reiterated its objections to an output increase, cautioning that oil stockpiles could grow again. — Bloomberg

Why is the Trump administration separating immigrant families?

Washington — President Donald Trump declared Monday that the US will not become a “migrant camp” as his administration faced a backlash for its practice of separating the children of illegal immigrants from their parents.
While the Department of Homeland Security says it has no policy to separate families, such cases have skyrocketed since the administration began systematically arresting migrants for illegally crossing the border — and separating children from their incarcerated parents.
Here is a look at the key facts and figures behind the crisis:
600,000 asylum claims
Despite efforts to stifle it, illegal immigration into the United States remains at high levels.
From March to May this year, more than 50,000 people a month were apprehended for illegally crossing the border from Mexico. About 15 percent of those are arriving as families, and eight percent as unaccompanied children.
Mexican nationals can be pushed back into their country, but an increasing number are from violence-plagued countries of Central America — Guatemala, Honduras and El Salvador. They are harder to send back.
Many, including almost all of the families and unaccompanied children arriving, request asylum, claiming a “credible fear” of persecution or torture if they return to their country.
Previously, asylum seekers registered their cases and then were released into the United States while the cases were reviewed.
Now, there is a backlog of some 600,000 cases, and many never show up for their hearings, instead disappearing into US society.
The Trump administration says that approach has become a magnet for anyone wanting to enter the United States.
An increasing number of migrants arrive with the help of human smugglers, well-coached to request “credible fear” asylum, and can’t be turned back, according to administration officials.
Family separation as ‘deterrence’
Between October 2017 and April this year, about 700 children were taken from their parents, and held for weeks or sent on to other caretakers before they could be reunited again. But that failed to impact arrivals.
After Trump ordered tougher action, Attorney General Jeff Sessions announced a “zero tolerance” policy on May 7.
Under the measure, anyone who illegally crosses the border will be arrested on criminal charges. For those who come with families, their children are removed from them. Sessions said this policy aimed to deter others from arriving.
In the five weeks from the announcement, more than 2,300 children were taken from their parents and adult relatives.
It can take days or weeks for the adults to be tried on the charges.
Most are encouraged to plead guilty, at which point they are given a sentence of “time served.” They are then released while their asylum claim is reviewed, but they have a criminal record — a permanent strike against them.
Is it policy or law?
Trump says that a law he inherited from the previous Democratic administration forces him to separate immigrant families. But Sessions and others have referred to a policy of prosecuting adults for illegal border crossings.
In fact, no one is forcing the government to prosecute immigrants who are apprehended.
But that forces the separation. When the parents are arrested on criminal charges, they must be separated from their children, as is the case with domestic criminal cases. They cannot take their children to court.
“If you cross this border unlawfully, then we will prosecute you,” Sessions said. “If you are smuggling a child, we will prosecute you and that child will be separated from you as required by law.”
What happens to the children?
Once taken from their parents, the children are handed over to the Office of Refugee Resettlement of the Department of Health and Human Services.
The children, who range in age from one to 18 years old, are placed in holding centers, some of which are tent-covered operations where they sleep on mats on concrete floors in units delineated by chain-link fences resembling cages.
ORR now has 12,000 illegal immigrant children in their care, 10,000 of whom crossed the border without their family.
ORR seeks to resettle the children with relatives already inside the United States, a process that can take many months.
For those separated from their parents, ORR has also sought to resettle some with relatives inside the United States.
The government says they can be reunited with their parents, though how fast and easily that can happen remains unclear. — AFP

Kane’s injury time header lifts England; Belgium wins

VOLGOGRAD, RUSSIA — Harry Kane grabbed a dramatic late winner for England on Monday, powering home a header in injury time of their World Cup opener after Belgium had earlier swept past Panama.
Kane’s second goal of the game secured a 2-1 victory after it looked as if England had squandered their chance to take all three points after being rocked by a Tunisian equalizer which followed a bright start.
Menaced by flying insects under the floodlights in Volgograd, England raced out of the blocks and took an early lead in the Group G match through Kane.
But Gareth Southgate’s young English team squandered multiple chances, with Jesse Lingard particularly wasteful, and Tunisia made them pay when Ferjani Sassi scored from the penalty spot after Kyle Walker was adjudged to have fouled Fakhreddine Ben Youssef.
Despite enjoying the bulk of the possession in the second half, England created few clear-cut chances and looked as though they would be forced to settle for a share of the spoils.
But captain Kane had the last word, heading in a corner at the back post in the 91st minute.
“It’s massive,” said Kane. “I’m so proud of the lads. It’s tough. We played so well, especially in the first half, and we could have scored a few more.
“We kept going. It’s a World Cup, you go to the last second. I’m absolutely buzzing.”
SOUTHGATE SATISFIED
Southgate, meanwhile, praised his side’s ability to dig out a victory at the death which was England’s first win in a World Cup opener since 2006.
“We recovered from a really harsh (penalty) decision and kept our composure, which pleased me,” Southgate told reporters.
“Even though the clock was running down, we stayed patient. Good teams score late goals, because if you dominate the ball like that, the opposition tire.”
Off the field, England fans were outnumbered by Tunisian supporters in Volgograd after fewer than 2,000 tickets for the match were sold in Britain.
The England supporters were given a warm welcome in the city formerly known as Stalingrad and were largely well-behaved although two fans were charged with public drunkenness after being detained on a train.
LUKAKU DOUBLE
Earlier, Belgium showed England, their main rivals in Group G, the way with a comfortable 3-0 win against Panama in Sochi as Dries Mertens scored just after half-time before Lukaku headed in on 69 minutes and pounced again six minutes later.
Belgium showed they might finally be ready to realize the promise of a talented crop of players as they gave Panama a torrid time in the Central American side’s first-ever appearance in a World Cup finals.
Belgium coach Roberto Martinez said he was “delighted” with the performance.
“It was exactly what we expected — there are no easy games at the World Cup. We started very well but then became frustrated as the first half wore on,” he said.
In Monday’s early game, Sweden — now without retired superstar Zlatan Ibrahimovic — beat South Korea 1-0 in Nizhny Novgorod to go joint top of Germany’s group alongside Mexico thanks to a penalty awarded by VAR (Video Assistant Referee).
Veteran Swedish skipper Andreas Granqvist scored the only goal of the game from the spot after Viktor Claesson was upended by South Korean substitute Kim Min-woo midway through the second half.
Despite furious appeals, El Salvadorean referee Joel Aguilar initially waved away Swedish penalty claims but after consulting the video, he pointed to the spot.
The Swedes will now advance to a crunch clash with reigning champions Germany on Saturday knowing that another victory could well send the 2014 winners out of the tournament.
The Germans continued to lick their wounds on Monday after suffering a shock 1-0 reverse to Mexico 24 hours earlier.
“I have not seen the German team so weak at a big tournament for a long time,” said West Germany’s 1990 World Cup-winning captain Lothar Matthaeus.
“Almost everything was missing. There were concentration errors, unnecessary bad passes and also the attitude was not there.” — AFP

Barangay Ginebra versus Columbian in key match

By Michael Angelo S. Murillo
Senior Reporter
CURRENTLY situated on the fringes of the playoff picture in the ongoing Philippine Basketball Association (PBA) Commissioner’s Cup, the Barangay Ginebra San Miguel Kings and Columbian Dyip battle today in a key match at the Smart Araneta Coliseum.
Set for 7 p.m., the Kings (3-5) and Dyip (4-5), the ninth and eighth place teams right now in the midseason PBA tournament look to notch a victory in their set-to to give their quarterfinal push a boost.
As per tournament format, only the top eight teams from the 12-team field at the end of the elimination round advance to the next round with the bottom four automatically eliminated.
Barangay Ginebra has won its last two matches entering today’s contest and is looking to build on it to establish a long-sought winning momentum.
The Kings defeated the Magnolia Hotshots Pambansang Manok, 104-84, in their “Manila Clasico” on June 17 that had import Justin Brownlee waxing hot for 35 points and LA Tenorio posting all-around numbers of 22 points, six rebounds and five assists to win player-of-the-game honors.
The win was in follow-up to their 93-85 triumph over the NLEX Road Warriors on June 9 that effectively halted for the team a three-game losing streak.
“We’re getting a little more comfortable back with Justin Brownlee. We played a really good game against NLEX and it got us going in another must-win tonight [against Magnolia],” said Ginebra coach Tim Cone.
“But we’re still in the same situation after that and after that. We have no margin for error. But if we find a way to win out our three tough games, we could make the Top Six,” the champion coach added, underscoring the need for them to be on top of their game the rest of the way.
Incidentally, the Kings could well parade newly acquired Jeff Chan for today’s game.
Mr. Chan was traded from the Phoenix Fuel Masters to the Kings in exchange for the latter’s first-round pick in the 2018 Rookie Draft in a deal that went down on Monday.
REJUVENATED
Waiting for the Kings, and looking to make their own push, are the Dyip, rejuvenated after stopping a three-game losing streak in their last game with a 115-107 win over the Phoenix Fuel Masters on June 10.
Columbian used a strong finishing kick to get the better of Phoenix, with import John Fields leading the way with 29 points, to chalk up the big skid-busting victory.
Also doing their share in the win were Glenn Khobuntin, Jerramy King, Rashawn McCarthy, Eric Camson and Ronald Tubid, who all wound up in double digits in scoring.
“We have a chance now. So we talked about not letting this pass, we cannot let this pass, this opportunity to make the playoffs. We also talked about our locals needing to contribute more, not just offensively,” said Columbian coach Ricky Dandan of the mind-set they have moving forward.
Playing in the opener at 4:30 p.m., meanwhile, are the GlobalPort Batang Pier (4-4) and Phoenix (3-6).

Ronaldo seeks encore vs ‘battle-hardened’ Morocco

MOSCOW — Cristiano Ronaldo will attempt to follow up his World Cup opening game heroics for Portugal against a Morocco side licking their wounds after a crushing last-gasp defeat.
A hat-trick from the five-time world player of the year snatched a thrilling 3-3 draw for the European champions against Spain in a heavyweight Group B showdown in Sochi.
It was Ronaldo’s 51st career hat-trick, and the 51st in the tournament’s history, as the Real Madrid star became just the fourth player to score in four World Cups.
“I am very happy, it’s a nice personal record to have, one more in my career,” said Ronaldo.
“For me the most important thing is to emphasize what the team did against one of the favorites to win this World Cup.”
Despite lifting the trophy at Euro 2016, Portugal are not widely viewed as among the favorites in Russia but can take a big step towards the last 16 with victory over Morocco in Moscow on Wednesday.
“I think we are stronger than Morocco if we compare the two teams, but I’m not saying the game will be easy for us,” striker Andre Silva told reporters at Portugal’s training base.
“We cannot underestimate them and must have respect for any opponent. Any game at the World Cup is difficult.”
It will be just the second meeting between the two countries, after Morocco beat Portugal 3-1 in the group stage at the 1986 finals.
Morocco did not concede a single goal in the final qualifying round as they sealed a return to the World Cup for the first time in 20 years, but their knockout hopes hang by a thread after a 95th-minute own goal by Aziz Bouhaddouz against Iran.
‘WE’RE NOT DEAD’
Herve Renard’s men face a monumental challenge, with games to come against Portugal and Spain, but midfielder Faycal Fajr is adamant all is not lost for the Atlas Lions.
“If I said that we don’t believe we can qualify it would be a lie,” said Fajr, one of 17 players born abroad in Morocco’s 23-man squad.
“I could throw out some examples, like the Argentina draw (1-1 with Iceland). Where there’s a will there’s a way. (The Portuguese) have two feet, two legs and they are humans like us.”
“We lost a battle but we haven’t lost the war. We’re not dead,” he added.”
Renard lamented that Morocco were “crucified by our own errors” in the loss to Iran, but the Frenchman is used to defying the odds, having led outsiders Zambia to a surprise triumph at the 2012 Africa Cup of Nations.
He then became the first coach to win the continental title with two different teams three years later, guiding the Ivory Coast to glory.
Morocco will need Renard to conjure up more magic to prevent an early exit, although Fajr says the mood in the camp remains positive.
“Even after the defeat, the atmosphere was terrific,” he said. “We’ve been waiting for this moment for 20 years, all Moroccans have been waiting for this for 20 years. We’re one big family.” — AFP